TCV Trust & Wealth Management Inc. Purchases 412 Shares of Adobe Inc. (NASDAQ:ADBE)

TCV Trust & Wealth Management Inc. boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 29,132 shares of the software company’s stock after purchasing an additional 412 shares during the quarter. TCV Trust & Wealth Management Inc.’s holdings in Adobe were worth $11,173,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Siemens Fonds Invest GmbH boosted its position in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after buying an additional 39,888 shares during the last quarter. SWAN Capital LLC bought a new position in Adobe during the 4th quarter valued at about $28,000. Copia Wealth Management purchased a new stake in shares of Adobe during the 4th quarter valued at about $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe in the fourth quarter worth approximately $31,000. Finally, Garde Capital Inc. purchased a new position in shares of Adobe during the first quarter valued at approximately $34,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

NASDAQ ADBE opened at $385.83 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The business has a 50 day simple moving average of $393.23 and a two-hundred day simple moving average of $411.65. The stock has a market capitalization of $163.67 billion, a PE ratio of 24.69, a P/E/G ratio of 1.82 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $4.48 earnings per share. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Piper Sandler dropped their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Bank of America raised their price target on Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a research note on Friday, June 13th. Citigroup reduced their price objective on Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a research report on Monday, June 16th. Oppenheimer dropped their target price on Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $496.75.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.